- The global average growth rate is estimated at 4.8 percent and India at 5.8 percent
- d. The situation is worse in Asia due to high food and energy prices
- Economic outlook has worsened on the back of fiscal vulnerabilities
A United Nations report on the Global Economic Situation and Prospects in 2023 described India as the only bright spot among South Asian economies, although it said employment prospects remain a concern. The report said the economic outlook has deteriorated significantly in South Asia on the back of monetary tightening and fiscal vulnerabilities, due to high food and energy costs. Average GDP growth is projected at 4.8 percent in 2023, from 5.6 percent in 2022, although India’s growth will remain robust at 5.8 percent. But it will be lower than the 6.4 percent growth in 2022 as higher interest rates and the impact of the global slowdown hit investment and exports. The report says India’s unemployment rate is expected to decline to pre-pandemic levels in 2022 as urban and rural employment increases. However, youth employment rates are still lower than pre-pandemic levels.
India a ray of hope for the world: UN President
Meanwhile, UN President Saba Korosi, who arrived on a three-day visit to India, said that the condition of all the countries of the world facing war, terrorism, inflation, energy and food crisis is getting worse. However, India has become a ray of hope for the world. Only India is the only country which is looking for solution to all the problems of the world. He added that India has a strong right to permanent membership in the United Nations Security Council.